Thursday, January 31, 2013
Notice to Overseas U S Citizens including Dual Citizens
IRS Announces Efforts to Help U. S. Citizens Overseas Including Dual Citizens and Those with
Foreign Retirement Plans
IR-2012-65, June 26, 2012
— The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens,
catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues.Today we are announcing
a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations and resolve pension issues,"
said IRS Commissioner Doug Shulman.Shulman announced the IRS will provide a new option to help some U.S. citizens and others
residing abroad who haven’t been filing tax returns and provide them a chance to catch up with their tax filing obligations
if they owe little or no back taxes. The new procedure will go into effect on Sept. 1, 2012.The IRS is aware that some U.S. taxpayers living abroad have failed to timely file
U.S. federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs). Some of these taxpayers have recently
become aware of their filing requirements and want to comply with the law.To help these taxpayers, the IRS offered the new
procedures that will allow taxpayers who are low compliance risks to get current with their tax requirements without facing
penalties or additional enforcement action. These people generally will have simple tax returns and owe $1,500 or less in
tax for any of the covered years. The IRS also announced that the new procedures will allow resolution of certain issues related
to certain foreign retirement plans (such as Canadian Registered Retirement Savings Plans). In some circumstances, tax treaties
allow for income deferral under U.S. tax law, but only if an election is made on a timely basis. The streamlined procedures
will be made available to resolve low compliance risk situations even though this election was not made on a timely basis.
Taxpayers using the new procedures announced today will be required to file delinquent tax returns along with appropriate
related information returns for the past three years, and to file delinquentFBARs for the past six years. Submissions from taxpayers that present higher compliance risk will be subject to a more thorough
review and potentially subject to an audit, which could cover more than three tax years.The IRS also announced its offshore
voluntary disclosure programs have exceeded the $5 billion mark, released new details regarding the voluntary disclosure program
announced in January and closed a loophole used by some U.S. citizens. See IR-2012-64 for more.
And Jesus answering said unto them, "Render to Caesar the things that are Caesar's, and to God the things that are God's".
And they marvelled at him. - Mark 12:17
(Holy Bible, KJV)
Operating a 'Personal Income Tax Return Preparation and Filing Service' business is easy,
but building an effective and trustworthy Business can make a huge difference in increasing responsiveness and customer
Our business was
established in 2006, and we pride ourselves on providing customers with high-quality products and personal service. Our office
is conveniently located in the suburb of Hillsborough County namely Valrico; near to the great city of Tampa - Florida.
Florida is the sunshine state of USA with tropical climate.
Providing good service means taking the time to listen. We will work with you every step of the
way to make sure you receive the services you need. Our business is client-oriented, and we maintain strict confidentiality.
We hope you'll find the information you need on this site
about our company and the products and services we provide. We look forward to working with you.
Thank You very much for your time and interest.
Jain Mathew Mundackal RTRP
(Designated as a Registered Tax Return Preparer by the IRS)